Saturday , 13 July 2024
Fostering Economic Resilience through Strategic Alliances
Home Business Sheikh Mohammed Anticipates UAE’s Most Prosperous Economic Year in 2023: Half-Year Non-Oil Foreign Trade Reaches Record High
BusinessLocal News

Sheikh Mohammed Anticipates UAE’s Most Prosperous Economic Year in 2023: Half-Year Non-Oil Foreign Trade Reaches Record High

In a resounding testament to its economic resilience, the United Arab Emirates (UAE) has achieved an unprecedented surge in non-oil foreign trade during the first half of 2023. The data, unveiled by His Highness Sheikh Mohammed bin Rashid Al Maktoum, underscores the nation’s robust performance with a remarkable growth of 14.4 percent, propelling the country’s non-oil foreign trade to a record-breaking Dh1.239 trillion. A noteworthy achievement is the 22 percent upswing in non-oil exports with the top 10 global trading partners.

Fostering Economic Resilience through Strategic Alliances

Key Trading Partners Propel Growth

China, India, and the United States have played pivotal roles in this economic ascent, cementing their positions as key trading partners. This triad contributed significantly to the Dh1.239 trillion figure, with their strong economic ties to the UAE. Additionally, Türkiye, a burgeoning partner, emerged as a significant player, boasting a remarkable bilateral trade growth rate of 87.4 percent in the first half of 2023.

Foundations of Success: Investor-Friendly Policies and CEPAs

The remarkable economic strides owe their existence to a combination of factors, prominently including investor-friendly policies that have magnetized global investors. Moreover, the Comprehensive Economic Partnership Agreements (CEPAs) inked with major players like India, Indonesia, and Türkiye have catalyzed a conducive environment for exports, re-exports, and imports. These CEPAs have not only amplified the UAE’s economic profile but have also solidified its status as an emerging economic powerhouse.

Also read: Dubai Private Schools: Welcoming Growth And Diversity In Education

Confidence in a Prosperous Future

Sheikh Mohammed’s resolute belief that 2023 will etch itself as the UAE’s most remarkable economic year resounds with confidence. Acknowledging the balanced trading policy pioneered by the nation’s leadership, he reaffirms the UAE’s role as an integral global trade bridge, seamlessly connecting the East to the West and the North to the South.

CEPAs: A Catalyst for Growth

Thani bin Ahmed Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, spotlights the Comprehensive Economic Partnership Agreement program’s significance in fortifying relations with major markets such as India and Türkiye. The UAE’s ambitious goal of signing 26 CEPAs in the near future reflects its unwavering commitment to further boosting foreign trade and diversifying its economic horizons.

Robust Trade Landscape: Numbers Speak

As evidenced by data released by the Ministry of Economy, the growth is not confined to mere rhetoric. Non-oil exports surged magnificently by 11.9 percent, traversing the Dh205 billion mark during the January-June 2023 window. The upward trajectory extends to re-exports and imports, recording significant gains, reaching Dh341 billion and Dh693 billion respectively, in the same period.

Unveiling the Leading Trade Partners

The Ministry of Economy unveils the UAE’s leading global trading partners: China, India, the US, and Saudi Arabia. The recent CEPA with Türkiye propels it to fifth place. The list further encompasses Iraq, Switzerland, Japan, Hong Kong, and Russia, encompassing a well-rounded spectrum of economic alliances.

Also read: UAE Records Lowest Inflation Growth In 17 Months Amid Transportation Cost Dip

Export Dynamics: The Shining Stars

In the realm of exports, gold, aluminum, oils, cigarettes, copper wires, and jewelry emerge as the UAE’s eminent offerings. Among these, gold exports shine brightest, boasting an exceptional growth rate of 40.7 percent, culminating at Dh218.3 billion.

A Vision of Continued Prosperity

The UAE’s steadfast pursuit of global partnerships, underpinned by its strategic policies and collaborative agreements, foreshadows a future marked by consistent economic growth. As the nation forges ahead, nurturing its international trade alliances, it is poised to retain its indelible role as a beacon of prosperity, stability, and unparalleled economic dynamism in the region and beyond.

Written by
Nidhi Singh Parihar

Hey there! I am Nidhi and I'm a passionate web content writer who loves crafting engaging and impactful content. My journey started with a B.Tech degree, but I soon realized my true calling was in the world of words. So, I made the leap and turned my love for writing into a fulfilling career in content creation. I've got a knack for everything from SaaS copywriting to social media magic. I write captivating blogs, create irresistible product descriptions, and design engaging email campaigns. I also enjoy developing content calendars and managing content workflows to keep everything running smoothly. Let's create something amazing together!

Leave a comment

Leave a Reply

Ambani-Merchant Wedding: Aishwarya Rai Bachchan’s Solo Arrival with Daughter Amid Divorce Speculations with husband Abhishek Bachchan

The wedding of the century is here! Anant Ambani and Radhika Merchant are tying the knot at the opulent Jio World Convention Centre...

Anant Ambani-Radhika Merchant Wedding: Top 5 Bollywood Couples Who Brought Fashion and Love to the Forefront

The big day we’ve all been waiting for is finally here. Anant Ambani and Radhika Merchant are set to exchange vows in a...

reports: Akshay Kumar Tests Positive for COVID-19, to Skip Ambani-Merchant Wedding

Bollywood’s Khiladi, Akshay Kumar, is making headlines, but not for the reasons you’d expect. Just as he was gearing up for the glitziest...

Anant Ambani-Radhika Merchant Wedding: Kim and Khloe Kardashian ready to go desi at ‘The Wedding of the year’

The Ambani-Merchant wedding just got a major Hollywood upgrade! Anant Ambani and Radhika Merchant are gearing up for their big day on July...

Social Kandura Big Bite

Things To Do

Euro 2024
SportsThings To DoUAE Guide

Where to Watch Euro 2024 Finale in Dubai

Football fever is sweeping through Dubai as Euro 2024 heads towards its thrilling finale. Whether you’re a passionate fan or just love soaking...

Diversity of Dubai Street Food
Things To DoUAE Guide

top 10 street food spots in Dubai that you will enjoy exploring!

Dubai’s street food scene is a culinary adventure waiting to be savored. Whether you’re a local foodie or a curious traveler, these spots...

Dubai taxis and its colors
People In DubaiUAE Guide

What Does the Color of Your Dubai Taxi Roof Actually Mean?

If you live in Dubai, you’ve probably seen messages like, “Your red-roof Toyota Camry is on the way.” With over 12,000 taxis around...

Things To Do

Dubai: 5 fun and exciting things you can do to enjoy this weekend

In scorching Dubai, beat the heat with thrilling activities. Ski Dubai's Summer Camp offers snowy fun for kids. The Smash Room lets you...

Related Articles

Dubai to get a new market inspired by London’s Borough Market

Street food lovers in Dubai have something to look forward to later...

UAE’s First Ritz-Carlton Reserve Opens on Ramhan Island in 2029!

Abu Dhabi will welcome its first-ever Ritz-Carlton Reserve, which opens its doors...

Air Arabia Introduces Budget-Friendly Flights from UAE to Vienna

In exciting news for travel lovers across the UAE, Air Arabia, the...

Riyadh Unveils Plans for the World’s Tallest Sports Tower

Riyadh, the bustling capital of Saudi Arabia, plans to redefine its skyline...